According to Reuters, the funding round comes to support the growth of MoMo as an all-in-one smartphone application offering multiple services, which have proved successful in countries such as China and Indonesia.
MoMo is Vietnam’s largest e-wallet by users and aims to double those to 50 million in the next two years. It was reported that the latest funding round was co-led by Warburg Pincus, its largest backer, and Goodwater Capital. Affirma Capital Singapore PTE, Kora Management, Macquarie Capital, and Tybourne Capital Management have also invested.
Furthermore, although cash remains the preferred payment method in Vietnam, the number of mobile payments reached nearly 700 million by end-August in 2020, up 980% against in the same period of 2019, Reuters stated. Therefore, MoMo might reach its goals and gain some popularity among the segment.
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